According to Turkish property agency Universal21, this is likely to boost the property market to an impressive extent – especially in Istanbul, Turkey’s jewel in the crown.
The city, which straddles the continents of Europe and Asia, boasts majestic waterways, monumental architecture and a historic centre listed as a UNESCO World Heritage site.
It’s been the dramatic backdrop for several James Bond films including From Russia with Love, The World is Not Enough and Skyfall.
The Blue Mosque Photo: AP/FOTOLIA
Indeed, it will have welcomed some 12.5 million visitors by the end of this year, making it the world’s fifth most popular tourist destination.
Amid the tangle of motorways that criss-cross Istanbul there are leafy neighbourhoods fronted by boardwalks, parks and sandy beaches with low-rise apartments and houses. Away from the coast, high-rise apartment and office buildings dominate the ever-mushrooming cityscape.
• UK links with Turkey boosted by cross-continental tunnel
In the increasingly affluent district of Beylikdüzü, the cost of property is on an upward spiral. “Prices in the area have risen by 20 to 21 per cent a year for the last five years,” said Adil Yaman, a founding partner of Universal21.
Conveniently located between central Istanbul and Ataturk International Airport, and a short drive to the Marmara coast, Beylikdüzü has plenty of new developments such as the recently launched Papatya Park Residence.
Phase one with 387 apartments of one to three bedrooms all with balconies is set to be finished at the end of 2016. Once completed, Papatya’s cluster of nine-storey buildings will be intertwined with walking trails, landscaped gardens, tennis courts, basketball courts and swimming pools.
Apartments start from US$98,000 (£65,215) (universal21.com).
The Grand Bazaar Photo: Fotolia/AP
There is no shortage of expensive properties throughout central Istanbul. Near Taxim Square, for instance, in the vibrant district of Beyoglu, a large new one-bedroom apartment of 103 sq m will set you back US$640,000 (£425,880) (spotblue.com).
Close to Beyoglu and not far from a popular Bosperous marina is the area of Etiler, home to the British International School, an older four-bedroom apartment on three floors in a tranquil setting is on the market for US$1.5 million (£998,223) (luxurion.com).
• Are expat women safe in Turkey?
• Britons win Turkish property payout ruling
This timber mansion on an Istanbul island is for sale for £600,000
On the Istanbul island of Heybelida, a renovated Ottoman timber nine-bedroom mansion dating back to the 19th century is for sale by its British owners through Spot Blue. Converted into to four separate apartments, it is being sold fully furnished for £600,000.
Oceanic Bayview is a modern mainland development of 38 villas with panoramic views overlooking Büyükçekmece Lake and the Marmara Sea. Each US$1.5 million eco-friendly property features the latest smart-home technology and a swimming pool. They are on sale through Universal21.
A word of caution about the purchase of Turkish property is that the measurement of interior living space may be listed as ‘net’ and/or ‘gross’. Net conforms to the rest of Europe while gross, especially true for apartments, may include anything from communal corridors to lifts.
Oceanic Bayview
Philip Skorochod, chief operations officer at Universal21, warned: “Due diligence is massively important. You need to work with professionals who are fluent in your own language, including tax specialists and lawyers.”
Open all references in tabs: [1 – 9]